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United Co-ops wants to add more pharmacies
Greg Wright THE UK's largest independent co-operative is set to announce further acquisitions in Yorkshire after delivering a 23 per cent rise in annual profits.
United Co-operatives yesterday revealed it was in talks with a number of community pharmacies in the county about possible takeovers as it beefs up its healthcare division.
However, a question mark hangs over the fate of eight of United's department stores, including those in Bradford, Sheffield, Brighouse, Ripon and Todmorden, which have been put on the market because senior management regarded them as "non-core".
Peter Marks, United's chief executive, said he believed buyers would be found for all of them. "We will do all we can to find the right solution,'' he said. "We will do what's right for our members and our staff, who are key stakeholders."
Seven of United's department stores have already been sold to Anglia Regional Co-operative Society.
In the year to January 22, profit before distributions (equivalent to pre-tax profit in a plc) at Rochdale-based United was 43.7m, compared with 35.5m in the previous year.
Annual sales rose by almost 13 per cent from 1.67bn to 1.88bn.
Altogether, 110m was spent on acquisitions and related developments over the year. Another 200m is expected to be spent on buying competitors over the next three years.
Major deals completed over the year included the acquisition of family-run food store chain Leathley's Quality Fare, based in Colburn, near Catterick.
United is spending 5m refurbishing Quality Fare's 19 stores.
United Co-operatives was formed in late 2002, through a merger of the former United Norwest and Yorkshire co-operative societies.
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Saturday 11 February 2012
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